Word: mortgagees
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Dates: during 1980-1989
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Bank of America fell victim to an elaborate mortgage-securities scam involving overvalued real estate in the Southwest. In one instance, according to charges in a lawsuit filed in Texas, a company run by Southern California Businessman Kent B. Rogers bought three apartment complexes in Houston for about $12 million...
Signs of hardship abound throughout rural America. In Unionville, Mo., Bud and Hazel Hirst have decided to give away their 476-acre cattle ranch, which is $200,000 in debt. "You can't sell land here," says Bud, 53. "Nobody is going to buy it." The Hirsts have hit on...
The tax-reform plan, devised by Regan at the President's request, is a modified version of various public proposals for a "flat tax" that eliminates most deductions. It calls for three income brackets for individuals (15%, 25% and 35%) instead of the current 15 (ranging from 11% to 50...
Mortgage Interest Deductible Deductible for principal Deductible Deductible¹ residences only
Despite the 1927 Pepper-McFadden Act and many similar state laws that forbid banks to set up branch offices outside their home state, major institutions have exploited technicalities to spread like kudzu across the landscape. Citicorp now operates 980 offices in 41 states. Comptroller of the Currency Conover gave the...